Substack Is Owened By Billionaires. Don’t Be Naïve | with Insider William Anonymous Finnegan

Put a hand up if you’ve ever…

🤚🏻Felt like everything is jacked.

🤚🏻Thought Substack is a space to make sense of it.

🤚🏻Felt like what you’re reading and watching in the news is not normal.

For today’s podcast I invited tribe member

William A. Finnegan

(William A. for “Anonymous”; Finnegan is his nom de plume) from The Long Memo and Borderless Living to share his insights.

photo credit: Screenshot The Long Memo

Besides being an ad exceutive, father and writer, he used to be a political appointee under President Bush, known for his bluntness and experience in Republican politics. He has testified before Congress, briefed Presidents, and met with top officials—including foreign leaders and intelligence officers. Though he stayed out of the spotlight, he worked behind the scenes in high-security settings like the White House Situation Room, the Pentagon’s “Tank,” and ultra-sensitive Gang of Eight briefings.

We chatted for over 1.5 hours two weeks ago, and since then, Mr. Anonymous (as I like to call him) has been growing like crazy —already at 7,500 subscribers—even though he’s writing completely anonymously.

He’s not offering anything fancy (although he could) —no courses, no coaching, no book, no extras. Just a text-based newsletter and his insights. Which is why I needed to introduce you to this member of the Online Writing Club.

He also had a viral post on Notes with 3.000 likes and 875 restacks three days back

photo credit: Screenshot Notes W.A. Finnegan

I told myself—I had to bring you this conversation today.

It fits perfectly with all the new things happening on Substack: the leaderboard (is it a good thing? a bad thing?), the new in-app payment option, graphs, and how About pages and tags are suddenly more important than ever.

So if you were one of the people who raised your hand when I asked how you're feeling about everything going on in the world—and about Substack still being this sacred little corner where we can make sense of it all and have fun, even though it's clearly going through some big changes…

This is what Mr. Anonymous had to say:

Let’s not sugarcoat it. Things are jacked.

*Warning ⚠️ Side effects of reading and listening may include sudden clarity on what migh be going on (I still want to be believe in Substack’s mission and vision), the urge to finally launch your Substack you've been overthinking for months and write with the end in mind.

This Podcast Interview is a Bombshell On Many Levels

photo credit: Screenshot video interview on YouTube

I promise you—today's podcast episode will open your eyes on so many levels.
This isn’t one of those “same old, same old” interviews.

Nope. This one’s a bombshell. It sparks conversations. It challenges assumptions. It’ll make you stop, think, and maybe even re-think everything you thought you knew.

Because Mr. Anonymous shared that everything you’re watching, reading, and living through right now is not normal. And deep down, you know it too. You feel it in your gut. That creeping sense that something is off.

The world’s spinning, the headlines are breaking, and all the while, creators, dreamers, artists, solos—especially writers—are trying to carve out a space to make sense of it.

Substack is the latest promised land for writers. A place where people like you and me can own our audience, build a thriving, soulful, sustainable and healthy newsletter, and finally bypass and exit the noise of social media.

But here’s the harsh truth Mr. Anonymous shared with me:

Substack won’t stay like this forever.

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🎙️If you say, “Kristina, let me listen to the show!”🎙️

Now you have the chance to listen to the interview or continue reading, if you prefer this.

You can listen to it as Substack podcast or on Spotify.

Enjoy the show!

If you’re listening via Spotify it would be awesome to get a review from you ⭐⭐⭐⭐⭐. You can really make a different with this small gesture. Thanks 🙏🏻

You can also watch our video interview:

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To break it down for you, here are five core truths from Mr. Anonymous about what’s happening with Substack —right now—and what (new) writers can do about it:

1. Everything Is Jacked—And That’s Why You’re Here

I don’t even tell people who I am. My growth? It’s been purely because of the content. And the reason that content resonates? Because I make people feel like they’re not crazy.

You’re not crazy for feeling that this moment is not how it’s supposed to go. Something’s broken. And Substack—for now—is where people come to feel sane again. To find others who are quietly screaming the same things you are. That’s power. That’s community. That’s why you’re here.

But don’t mistake now for always.

2. Why Bestsellers Win (And Will Keep Winning)

photo credit: bestseller badge Kristina God

If you’re already a bestseller on Substack, you’re probably going to be just fine.

You’ve already done the hard part:

• You built an audience.

• You kept them.

• You turned them into paying subscribers.

• And—hardest of all—you kept those people happy.

That is incredibly hard to do. That’s why Substack will favor the winners when the platform starts shifting. Because shift it will. As the ecosystem matures, Substack will need to pick winners and losers. That’s how the money works. That’s how the game works. And that’s what VC-backed platforms always do.

If you’re not a bestseller yet, your job is simple (but not easy):
Focus on your audience. Focus on value. Think like a publisher.

Reward people for giving you their time.

3. Substack Is Owned by Billionaires—Don’t Be Naïve

Let’s clear something up.

There’s this myth going around that Substack is this pure, indie haven for free expression. “The only thing not owned by billionaires,” they say.

photo credit: Screenshot W.A. Finnegan “Who owns Substack?”

You people jacked? Of course it’s owned by billionaires.

That’s not a conspiracy. That’s venture capital.

Venture capital is not altruistic. It’s not romantic. It’s not about vision. It’s about amplifying what already works, extracting maximum value, and exiting with a 20x return. That’s it.

So yes, Substack is currently friendly to writers. Yes, they let you keep your email list. That’s rare. That’s generous. That’s smart.

But let’s not pretend this platform isn’t following the same path as every other social media company:

• Growth ➡️ consolidation ➡️ monetization ➡️ control.

They give us a beautiful field to grow our crops in. But eventually, they’ll decide who gets the water and the sun.

4. How Substack Will Go Down (and Signs to Watch For)

So how will it happen? Mr. Anonymous knows.

It starts with subtle changes. Alarming signs. Revenue squeezes. Algorithm tweaks. Pay-for-placement. Leaderboards tied to promotion. Boosting posts for visibility.

The red flags will be slow and quiet at first:

• A 10% cut becomes 15%.

• Data becomes the real currency.

• Discovery gets gated behind pay-to-play.

• Algorithm shifts to favor “premium partners.”

• Political pressure from governments mounts.

You and I? We’re the “dumb fools” doing the hard part: writing content people actually want to read.

Substack gets a cut. But more importantly, they get the data. What we read. What we click. What we subscribe to. It’s a massive data-gathering machine—and it’s brilliant.

But it also means this:
At some point, when the stakes are high enough, the mission will bend to the money. The idealism will bow to the investors. And that’s when the platform you trusted starts to turn.

We’ve seen it happen before. Facebook. LinkedIn. Medium. YouTube. Nothing stays indie forever.

5. What Writers Can Do To Prepare (While It’s Still Early)

Here’s the good news: we’re still early.

Substack is right between the early innovation stage and the scale stage.

This is what I shared on Notes and

Linda

from Substack re-stacked and replied to it (before she left the company):

LindaMar 19

I do think Substack is in its second inning. First inning was text; second inning is audio, video, livestreaming. Plenty of baseball left to play

Kristina God

Mar 18

Substack is HERE which makes us EARLY ADOPTERS 🥳

30

5

There’s still time to build. Still time to grow a loyal audience. Still time to own your email list and your message.

But here’s the play:

Build trust. Build connection. Build value.

Don’t just aim for numbers and being part of the new leaderbord. Aim for bonding. Your ability to influence, grow, and earn will be tied to how deeply your readers trust you and what (value) you bring to their lives.

Want to future-proof your writing?

• Diversify when you can.

• Focus on what you help people feel.

• Own your audience (email list first).

• Stay awake. Watch for platform shifts.

• Keep experimenting—formats, topics, tone.

• And never assume a tool will stay what it is forever.

From Zero to Bestseller JUST With Writing

Online Writing Club tribe member Mr. Anonymous went from zero to bestseller only with his content.

I think this is a great sign that Substack’s build-in audience rewards the unique thoughts, ideas and topics we’re writing about. We don’t need to add aything fancy such as coaching sessions, coffee chats, access to a community, books, freebies etc. we can become a bestseller entirely on the basis of our WRITING and content - even if we use a pen name, want to stay anonymous and/or don’t want to go live, share a video or audio/podcast.

Substack is giving us tools. We can use them. Play with Notes. Try video. Go live. Add audio. Or only build our writing empire while the doors are still open.

All I want you to understand is: Don’t sleep on the reality that every creator platform has a cycle—and we’re almost halfway through it.

Smallstacker? The Window Is Open. It Won’t Be Open Forever. So Make Your Move Now.

You’re new, a smallstacker with only a handful subscribers, you have a book laucnh coming, want to sell or keep selling your book, are retired and want to earn some extra bucks, you need an accountability buddy, initial help and 365 days support on your way? Join our souldful membership experience and 350 writers struggling with the same things as you do.

🎉 A few days ago, we crossed 12,000 subscribers in the Online Writing Club. Twelve. Thousand. People. I'm honestly so grateful and excited that I wanted to give you something super special.

🎁 Get 40% OFF (Limited Time!) to Celebrate

To thank you and because I know how hard it is to start an email list and make money with your words, I’m offering 40% off access to the entire Online Writing Club experience.

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Your Turn!

👉🏻Do you think Substack will stay writer-friendly forever?Have you ever seen a platform “turn” before? What did it feel like? What made you leave or stay?

🙏🏻🙏🏻Your feedback is just a spark but enough to keep me going so it would be wonderful to hear from you in the comments 🙏🏻🙏🏻

PS Tell us in the comments! This is a safe space. You can also meet us in the Chat.👈🏻